BENGALURU, India, 26th August, 2024 (WAM) -- India's technology platform for providing "frictionless credit" launched by the Reserve Bank of India (RBI) last year as a pilot project will be introduced nationwide soon, said Shaktikanta Das, Governor of RBI, on Monday.
This technology platform will be named "Unified Lending Interface (ULI)", Asian News International (ANI) quoted Das as saying at the Global Conference on Digital Public Infrastructure and Emerging Technologies in Bengaluru.
The governor said, “Just like UPI (Unified Payments Interface – India's instant payment system) transformed the payments ecosystem, we expect that ULI will play a similar role in transforming the lending space in India.”
The new ULI platform facilitates a seamless and consent-based flow of digital information, including even land records of various states, from multiple data service providers to lenders. The technology platform introduced last year as a pilot project cuts down the time taken for credit appraisal, especially for small and rural borrowers.
"This reduces the complexity of multiple technical integrations. It enables borrowers to get the benefit of seamless delivery of credit, and quicker turnaround time without requiring extensive documentation," the RBI Governor said.
Speaking about the success of Unified Payment Interface (UPI), Das said, "The current ecosystem of digital payments in India offers a bouquet of simple, safe, and secure options for instant or quick transfer of funds, both large and small value, for businesses and individuals."